Rumors about Betfair’s New CEO

Is the group trying to find a replacement for Yu?

This week’s reports include speculations that the online gambling group Betfair may be looking for a replacement for CEO David Yu, who reportedly expressed desire to return to the States. The rumor of this new development may somewhat be a result of the constant decline of Betfair shares in the past eight months.

A number of management executives have already left the company, including Mathias Entenmann, chief product and services officer; Charlie Palmer, head of mobile; Robin Osmond, chief executive of financial betting exchange LMAX; Matt Carter, director of architecture, research and prototyping; and Lee Cowles, director of UK sports and gaming; however, Betfair has decided to remain silent regarding latest speculations for now, but first announcements are expected next week, at the presentation of the company’s full year results.

Since it remained without a number of executives, Betfair has hired several high-profile replacements, such as the former William Hill exec Ian Chuter, who now serves as Betfair’s as group operations director, and who is believed to be quite capable of addressing some of the perceived weaknesses in Betfair operations, such as the lack of direction, which was pointed out in an internal survey among the company employees.

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